The $8.2 billion deal will create a semiconductor giant with a combined enterprise value of $68 billion and combined revenue of $8.2 billion.
The companies say enhanced safety measures will be in place.
Businesses should be prepared to go through a rigorous process, and in some cases should expect to give up ownership stakes.
The combined company is poised to become a leader in the race for developing electric and autonomous vehicles.
The automaker has been "under pressure to get specific about cost cuts” amid investor concern over its stock price.
The results "demonstrate the strong earnings power of this company,” CEO Mary Barra says as profits soar 33% to $2.6 billion.
"Basically, the cost increase for the full year has happened in the first quarter," CFO Bob Shanks says.
The seizure of GM's only Venezula factory "was granted and enforced in total disregard of [GM's] right to due process," the company says.
Ford is hoping its investments in new technologies will help it "expand beyond its core auto-making business and enter new transportation-related services."
The automaker's stock falls 4.7% even though it reported record sales of $166 billion and earnings per share of $6.00 for 2016.
The company's fourth-quarter performance was particularly strong in Europe, where Ford earned $166 million, up 27% from a year ago.
The decision to scrap a planned $1.6 billion factory in Mexico is a "vote of confidence" in Donald Trump's economic policies, Ford says.
